Originally posted by @Steve Vaughan:
Be upfront with all sellers. Do what you do with their best interests in mind. Always.
Sell your interest, not the property. Don't show the property, don't market the property. Be honest and upfront. Put skin in the game and be ready and willing to close. Avoid weasel/escape clauses disguising an inspection period as a time to find partners and all that. So and so is not your partner, he/she is a prospective buyer. Again, be honest.
Be extraordinary in a sea of no barrier to entry greedy graduates of the latest get rich quick seminar that sums up your 'industry'. There are some good wholesalers, but they tend to be the one good apple in a batch of bad. I don't think you will be this way @James Sinclair. You actually have 3 nickels to rub together. Not everything 'legal' is a good way to do business. The question should be "how do I be the best, most ethical wholesaler out there"??
Here lies the problem with that. Who in their right mind is going to buy a contract from a property that they can't see? You say that I have a contract for a property that's for sale without any info on the property which is legal(I'm not an attorney)is anyone going to bite on that?
That's why the traditional way of wholesaling is much more attractive but state regulators across the board are cracking down on that(see Ohio for example).
It's a catch 22. You either wholesale the traditional way and risk getting caught,fined and/or jailed or you market your contract in hopes that buyers will buy it but no buyer in their right frame of mind is going to buy a contract from a property they can't see,inspect,etc until they buy the contract.
You either have to think outside the box and come up with creative strategies that will keep regulators off your backs or find a new way to get into the REI business.
